事件：源飞宠物与潮玩品牌 Heyone 黑玩达成战略合作。源飞宠物公众号宣布公司与潮玩品牌Heyone 黑 玩达成战略合作，是公司基于制造与供应链管理能力在相关消费领域进行的一次能力延展型探索。 双方合作或以代工为主，源飞宠物有望发挥供应端优势。我们预计源飞宠物本次与黑玩合作更强调供应 链管控能力的输出与复用，而非对全新业务领域直接拓展。源飞宠物长期深耕宠物食品及宠物用品领 域，已构建成熟的制造与供应链管理体系，而这类能力并不局限于宠物用品品类，在对品质、安全与细 节要求较高的潮玩产品中，同样具备高度适配性。Heyone 黑玩是一家以原创IP 为核心的潮玩品牌，已 孵化包括"哦崽"、"MIMI"、"R3NA"等在内的IP 矩阵，在年轻消费群体中逐步建立起辨识度。我们认为 公司通过合作有望促进未来产能充分释放以及新领域探索。 自主品牌趋势向好，匹卡噗爆款产品销售靓丽。2025 年中旬公司开始发力宠物主粮，通过广告投放、 社媒营销等方式精准触达客户，25Q3 自有品牌营收逐步提升，其中匹卡噗品牌主打全品类高性价比， 旗下爆款产品多次居销售排行榜前三，哈乐威及传奇精灵系列产品营收亦实现了显著增长。我们认为， 公司通 ...

人民财讯12月23日电，在今日由证券时报举办的"攻守之道：新消费高波动背后的定价逻辑重构"沙龙 上，景顺长城研究部基金经理张欢指出，2026年新消费投资或将往"两端"迁移：一是市场需求刚起步、 尚处于早期阶段的品类，包括新功效成分的保健品和口服养生品、医美创新材料、宠物保健品等；其次 是供给释放相对有序，甚至有望出清，供需相对平衡的品类，包括功能性饮料、低糖健康食饮、古法黄 金，以及零食量贩和高端美容服务(中小企业出清)等，其中优选成长确定性高的单品牌或平台型公司。 ...

Investment Rating - The investment rating for Yuanfei Pet (001222) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's performance and growth potential [1]. Core Insights - Yuanfei Pet has entered a strategic partnership with the trendy toy brand Heyone, focusing on leveraging its manufacturing and supply chain management capabilities in new consumer sectors [2]. - The company is expected to emphasize supply chain management in this collaboration rather than direct expansion into new business areas [2]. - The trend for the company's own brand is positive, with significant sales growth for its flagship product Pikapoo, which has consistently ranked among the top three in sales [2]. - The overseas OEM business is performing well, with limited impact from U.S. tariffs due to established production bases in Cambodia and ongoing expansion in Bangladesh [3]. - Profit forecasts for the company indicate a net profit of 170 million, 220 million, and 280 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 27.1X, 21.0X, and 16.5X [3]. Financial Summary - Total revenue is projected to grow from 991 million yuan in 2023 to 2,631 million yuan in 2027, with a compound annual growth rate (CAGR) of approximately 22.7% [5]. - The net profit attributable to the parent company is expected to increase from 126 million yuan in 2023 to 283 million yuan in 2027, reflecting a significant recovery and growth trajectory [5]. - The gross margin is forecasted to remain stable around 22.5% to 22.9% over the next five years [5]. - The return on equity (ROE) is projected to improve from 10.3% in 2023 to 15.1% in 2027, indicating enhanced profitability and efficiency [5].

Group 1: Fund Research - The market review for the week of December 15 to December 19, 2025, indicates that most major equity indices declined, with the largest drop being 2.99% for the Sci-Tech 50 index. Among 31 first-level industries, 19 saw an increase, with the top five performing sectors being commercial trade, non-bank financials, beauty care, leisure services, and chemicals [2] - The public fund market saw a private fund management scale reaching 22.09 trillion yuan, and the China Securities Index Co., Ltd. released the China ASEAN Digital Economy Theme Index [2] - Bond funds performed well, with fixed income plus funds showing the largest average increase of 0.10%, and 76.57% of them achieving positive returns. In contrast, equity funds averaged a decline of 0.57%, with only 39.09% showing positive returns [3] - The ETF market experienced a net inflow of 871.36 billion yuan, with stock ETFs accounting for the largest inflow of 552.23 billion yuan. The average daily trading volume reached 4,596.24 billion yuan [3][4] Group 2: Industry Research - The report highlights the emergence of the "reward economy," which refers to consumers purchasing non-essential goods or services to gain immediate pleasure and psychological relief in response to work and life pressures. This new consumption model is rapidly developing among younger demographics and is expected to drive domestic demand and consumption [5][7] - The light industry manufacturing sector outperformed the CSI 300 index by 2.08 percentage points, while the textile and apparel sector outperformed by 2.46 percentage points during the same period [7] - The report suggests continued attention to sectors benefiting from the "reward economy," such as trendy toys, pet consumption, and domestic fashion brands, as they are expected to thrive in the evolving consumer landscape [5][7]

Investment Rating - The report maintains a "Recommended" rating for the agriculture, forestry, animal husbandry, and fishery industry [1] Core Insights - The swine industry is entering an accelerated phase of capacity reduction, with a focus on positioning at the bottom of the market. Regulatory measures are being reinforced to stabilize pig prices, which are expected to face downward pressure in the short term due to increased market supply [3][15] - The poultry sector shows signs of fundamental improvement, with a focus on the white feather chicken breeding segment and potential price recovery in the future [4][28] - The animal health sector is closely monitoring the clinical trial progress of African swine fever vaccines, which could enhance market conditions for leading companies in the sector [5][38] - The pet industry continues to experience rapid growth, with domestic brands gaining strength and improving profitability [8][60] Summary by Sections Swine Industry - The average price of live pigs is reported at 11.53 CNY/kg, with a slight weekly increase. The number of breeding sows has decreased by 1.1% month-on-month [14][15] - Key investment recommendations include leading companies such as Muyuan Foods and Wens Foodstuffs, with additional attention on Dekang Agriculture and Shennong Group [3][15] Poultry Industry - The white feather chicken breeding segment has seen a total of 107.21 thousand sets updated from January to October 2025, with a balanced import and self-breeding ratio [4][28] - Recommended companies in this sector include San Nong Development and Lihua Shares [4][28] Animal Health - The animal health industry has faced losses for over three months, with expectations of continued low pig prices. The clinical trials for the African swine fever vaccine are a critical step towards commercialization [5][38] - Companies to watch include BioStock, Kexin Biological, and Ruipu Biological [5][38] Planting Industry - Grain prices are fluctuating, with corn prices at 2244 CNY/ton and wheat prices at 2515 CNY/ton. The pig-to-grain ratio is reported at 5.03 [44][48] - Investment suggestions focus on companies with strong positions in genetically modified seeds, such as Suqian Agricultural Development and Longping High-Tech [6][48] Feed Industry - Feed prices are experiencing fluctuations, with pig feed priced at 3.33 CNY/kg and chicken feed at 3.45 CNY/kg. The industry is expected to see increased concentration [49][50] - Recommended companies include Haida Group and He Feng Shares [49][50] Pet Industry - The pet market is projected to reach 300.2 billion CNY in 2024, with a year-on-year growth of 7.5%. The number of pet dogs and cats is also on the rise [59][60] - Recommended companies in the pet food sector include Guibao Pet, Zhongchong Shares, and Petty Shares [59][60]

近日，源飞宠物（001222）(001222.SZ)官微宣布与潮玩品牌Heyone黑玩达成战略合作。公司表示，此 次合作并非单纯的财务布局，而是源飞宠物基于自身成熟的制造与供应链管理能力，在相关消费领域开 展的能力延展型探索，标志着其业务边界向潮玩赛道正式延伸。 资料显示，作为长期深耕宠物食品及宠物用品领域的企业，源飞宠物已围绕安全标准、材料选型、生产 流程与交付稳定性，构建起一套完善的制造与供应链管理体系。在牵引绳、毛绒玩具等核心产品线中， 公司积累了包括环保安全材料应用、复杂工艺控制、批量生产一致性保障、品质稳定性把控及可靠交付 在内的多方面成熟经验。值得注意的是，这些核心能力并非局限于宠物用品品类，对于产品品质、安全 与细节要求同样严苛的潮玩赛道被认为具有高度适配性。因此，本次战略合作的核心在于源飞宠物供应 链管控能力的输出与复用，而非对全新业务领域的盲目跨界扩张。 此次战略合作成为源飞宠物探索新消费场景的重要契机。未来，源飞宠物表示将在稳固宠物食品与宠物 用品核心业务稳健发展的前提下，依托现有产业能力，持续深化对潮玩等相关消费领域产品与市场需求 的理解，稳步推进产业协同工作。同时，公司表示将持续关注新 ...

人民财讯12月22日电，据源飞宠物消息，近日，源飞宠物与潮玩品牌Heyone黑玩达成战略合作。以此 次战略合作为契机，源飞宠物围绕既有的制造与供应链管理能力，开展在相关消费产品场景中的协同探 索。未来，公司将在保持核心业务稳健发展的同时，依托现有产业能力，持续深化对产品与市场需求的 理解，稳步推进相关协同工作。 转自：证券时报 ...

Core Insights - CITIC Securities reports an increase in consumer income confidence and expectations based on a survey of 1,600 consumers conducted by the CITIC-CLSA CRR team at the end of November [1] - Employment sentiment has improved, and inflation expectations remain stable, with a narrowing decline in food inflation [1] - There is a slight recovery in housing price confidence, while interest in gold investments has decreased, and A-share investment preferences have seen a minor increase [1] Short-term Opportunities - The overall beta opportunities in consumption can be observed, particularly with the potential for fiscal stimulus policies [1] Long-term Strategies - Long-term investment strategies should focus on changes in consumer structure, emphasizing four key areas: new products/categories (high certainty demand in emotions and health), new technologies (AI+ and biotechnology), new channels (channel transformation under cost-performance demands), and new markets (internationalization and market penetration) [1] - Specific sectors to focus on include the IP industry chain, pets, beauty and fragrance, tourism, outdoor activities, health beverages, and AI+ [1]

Summary of Key Points from Conference Call Records Industry Overview - The focus is on the **expansion of domestic demand** as a long-term structural reform strategy to address challenges such as declining demographic dividends and globalization pressures. The shift is from supply-driven to demand-driven, emphasizing the need to supplement both upstream R&D and downstream consumption [1][2][3]. Core Insights and Arguments - **Increase in Resident Income**: A critical factor for expanding domestic demand. Policies like trade-in subsidies may have a short-term effect but can lead to over-reliance on such measures. The emphasis should be on increasing wage and asset income through fiscal reforms to achieve broad-based benefits [1][6]. - **Consumer Trends**: By 2026, service consumption, high-end consumption, and emerging self-reward consumption are expected to perform well. Policies may favor sectors like tourism and dining, while a declining real estate market could enhance purchasing power for younger consumers [1][9]. - **Investment Focus**: Effective investments are anticipated in water conservancy, energy, municipal infrastructure, and core technology sectors such as AI, biomedicine, and quantum communication. The green transition is expected to unlock consumption potential in areas like eco-tourism and energy-efficient appliances [1][11]. Industry-Specific Insights Home Appliance Sector - The home appliance industry is projected to experience a downturn in the second half of 2025 due to trade-in policies, but a recovery is expected in early 2026 as subsidies are renewed, leading to a replenishment cycle [1][12][13]. - **Sales Data**: By November 2025, air conditioner sales grew by approximately 2%, while refrigerator sales declined by about 1%. The overall industry saw a decline in the latter half of the year, particularly in Q4, where air conditioner sales dropped over 20% [12][13]. Fiscal Policy and Consumer Behavior - The fiscal reform is expected to shift focus from incremental taxation to more comprehensive measures, such as property and capital gains taxes, which will gradually influence overall household income and consumption [7][8]. - The effectiveness of subsidies is questioned, as they may lead to a crowding-out effect on autonomous consumption. For instance, a 300 billion yuan subsidy led to a 2.7 trillion yuan increase in retail sales, but the non-subsidy portion contributed negatively [6]. Investment Recommendations - **Home Appliances**: Companies like Midea, Haier, TCL, and Hisense are recommended for their strong domestic and international performance. The expectation is that these companies will benefit from the renewed subsidy policies in 2026 [15]. - **New Consumption Trends**: Focus on emerging brands in personal care and health products, as well as established brands with significant market barriers, such as Mao Geping and Shanghai Jahwa [18]. - **Health and Wellness Sector**: Companies like Xianle Health and Ximai Foods are highlighted for their growth potential in the health and wellness market, driven by the aging population and increasing health awareness [19][21]. Additional Insights - **Transportation Sector**: The aviation industry is expected to benefit directly from increased demand, while the shipping industry will see indirect benefits from heightened domestic trade activities [28]. - **Agricultural Sector**: Recommendations include focusing on the pet industry and functional ingredients, with companies like Zhongchong and Bailong Chuangyuan showing strong growth potential [31]. Conclusion - The overall sentiment is optimistic regarding the expansion of domestic demand, with significant investment opportunities across various sectors, particularly in health, home appliances, and new consumption trends. The emphasis on increasing resident income and effective fiscal reforms will be crucial in driving this growth [26][27].

研究报告 Research Report 21 Dec 2025 H&H 国际控股 Health and Happiness International Holdings (1112 HK) 首次覆盖：高端家庭营养与健康产品的领先企业 A leading enterprise in high-end family nutrition and health products: Initiation [Table_yemei1] 观点聚焦 Investment Focus [Table_Info] 首次覆盖优于大市 Initiate with OUTPERFORM 合生元超预期复苏，婴配粉增长强劲。Biostime（合生元）作为 H&H 集团的核心母婴营养品牌，自 1999 年创立以来，始终专注于婴幼儿 营养与健康领域。其产品以"奶粉+营养品"双轮驱动，精准切入免 疫、过敏等高价值赛道。婴幼儿配方奶粉为品牌拳头产品，营养补充 品以益生菌系列为主要代表。25Q1-Q3，H&H 集团 BNC 业务实现营收 39.7 亿元，同比+24.0%，其中单三季度收入达 14.7 亿元，同比 +90.6%，增速远超集团整体业务水 ...